ZAR/JPY may fall 778 - 1057 pips

Our pivot point stands at 8.3599.

Our preference

The downside prevails as long as 8.3599 is resistance.

Alternative scenario

Above 8.3599, look for 8.4069 and 8.4349.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 8.3426 and 8.3714).

Supports and resistances

8.4349 **

8.4069 *

8.3599 **

8.3415

8.3210 last

8.2432

8.2153 **

8.1874 *

8.1595 **

Number of asterisks represents the strength of support and resistance levels.